Bitcoin Price Soars: Analyst Sets 2025 Price Target At $200,000
27 Febrero 2024 - 6:00AM
NEWSBTC
Bitcoin, the largest cryptocurrency asset by market cap, suddenly
took off on Monday, reaching the $57,000 price mark for the first
time in the last 26 months, prompting several predictions of a new
all-time high before the end of 2025. Bitcoin Could Hit $200,000
Before 2025 Closes Amid the recent market surge, cryptocurrency
analyst and Chief Executive Officer(CEO) of Factor LLC, Peter
Brandt, has expressed his optimism towards Bitcoin, while sharing
an intriguing prediction with the crypto community on the social
media platform X (formerly Twitter). Related Reading: Bitcoin Bulls
On The Charge: Crypto Platform Forecasts $63K Surge By March Peter
Brandt’s analysis delves into Bitcoin’s recent price action and how
high the crypto asset could go before 2025 closes. With BTC’s
current bull market cycle, Brandt has set an ambitious goal of
$200,000 next year. Brandt’s initial Bitcoin price target for 2025
was $120,000, but with the recent rally, he has placed his mark at
the aforementioned price. His modifications came in light of BTC
exhibiting a bullish trend, surpassing the “upper boundary of the
15-month channel.” Furthermore, he highlighted that the current
market bull cycle might “end in August or September 2025” if this
bullish trend continues. However, according to him, this
interpretation will be void if there is a Bitcoin “close below last
week’s low.” The post read: With the thrust above the upper
boundary of the 15-month channel, the target for the current bull
market cycle scheduled to end in August or September 2025 is being
raised from $120,000 to $200,000. A close below last week’s low
will nullify this interpretation. The analyst’s daring predictions
have since caused quite a stir within the crypto space. Several
community members have expressed their pleasure in the crypto
expert’s analysis. A pseudonymous X user commented on Brandt’s
forecast, saying his overview shares “fascinating insights into
Bitcoin’s market projection.” They asserted that “the upward
momentum breaking through barriers is indeed intriguing.”
Additionally, they also believe that a close below last week’s low
would change Brandt’s narrative, which will highlight the fragile
balance in the cryptocurrency space. Factors That Could Be
Responsible For BTC’s Rally BTC’s current rally is believed to be
buttressed by several developments that have garnered attention in
the crypto market today. These include increased demand from
investors through Exchange-Traded Funds (ETFs) and additional BTC
purchases by Microstrategy. Related Reading: Bitcoin Demands
Exceeds Miner Supply By 1,300%, Why A Push To $237,000 Is Possible
It is noteworthy that since the start of the year, investors’
demands through ETFs have served as a major support for BTC. On
January 11, the United States Securities and Exchange Commission
(SEC) approved 11 Bitcoin spot ETFs, which has triggered confidence
ever since. Meanwhile, Michael Saylor’s Microstrategy made an
additional 3,000 BTC purchase, valued at $155 million before the
uptick. This development suggests institutional interest in BTC,
indicating confidence in its long-term potential. Over the past
day, the price of Bitcoin has increased by more than 9%, and it is
presently trading at $56,321. Its market cap is up by 9% and its
trading volume is up by over 235% in the last 24 hours. Featured
image from iStock, chart from Tradingview.com
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